Commercial Property News

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Tuesday, September 05, 2023

Property Income Trust acquires Berkeley House, Glasgow for 5.92m

The Property Income Trust for Charities has acquired Berkeley House, 285 Bath St, Glasgow for 5.92m a net initial yield of 5.73%.

Drivers Jonas advised fund manager Mayfair Capital on the acquisition, which is the first multi-let office building to be purchased by PITCH. The 25,818 sq ft building is let to Axa Equity & Law Assurance, Zurich Assurance Ltd and law firm Thompsons and Partners at a passing rent of 359,290 pa.

Commenting on the deal Andrew Kubski a Partner at Drivers Jonas' Glasgow office said, "This property diversifies from the Fund's existing portfolio which presently consists mainly of single let investments. There are a number of asset management angles which should add significant value."

King Sturge advised the vendor, AWG.

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